Categories: Digital Payments

Ondot Links Up With Visa To Boost Digital Wallet Use

Ondot Systems, a digital services platform for credit and debit card issuers, said it is partnering with Visa in a new program. The agreement enables cardholders to add Visa cards instantly to their digital wallets.

“Digital card use is one of the key drivers of card choice. Making it easy to add cards to digital wallets allows Visa cards to be top-of-wallet both online and in-store,” said Joe Baker, Ondot’s vice president of business development, in a prepared statement. He said that via Ondot’s Card App, Visa cards can “be loaded into digital wallets and be used to make purchases right away.”

Baker added that this convenience gives “card issuers the ability to provide cardholders with instant signup, digital wallet provisioning, spending insights, safety controls and easy self-service capabilities.” Thus, Ondot’s app aims to encourage consumers to make a particular card their preferred form of payment.

The Santa Clara, California-based company said it provides more than 4,500 banks and credit unions with a digital card services platform to drive cardholder engagement. “From community issuers to top global banks, Ondot enables financial institutions to offer in-the-moment convenience, control and transparency for credit and debit cards, leading to higher usage, lower cost and reduced fraud,” Ondot noted.

The company aims to leverage the seismic digital shift in consumer spending that has occurred over the past few months.

In an interview, Vaduvur Bharghavan, president and CEO of OnDot, told PYMNTS that big changes in financial services are coming in the post-pandemic world. He said that financial institutions (FIs) that connect their card offerings to their mobile apps are on a roll. In contrast, he said, the “digital laggards” – FIs that have been slow to adopt new technologies – have been the big losers.

Bharghavan noted that’s because consumers are looking to use mobile services and apps. OnDot has seen the open rate on FIs’ downloaded mobile apps more than double, from about 35 percent in the pre-COVID-19 era to 79 percent as of last week, he added.

Get our hottest stories delivered to your inbox.

Sign up for the Newsletter to get updates on top stories and viral hits.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

Recent Posts

Agora Services Debuts New Tools For SMB Banking

Challenger bank Agora Services wants to address challenges with banking for small businesses with a new solution called Agora SMB,…

2 hours ago

Google Almost Done With Transition To SAP Ariba Network

Google's transition to SAP Ariba's cloud-based services has a completion date set for Aug. 24 after multiple waves that began…

2 hours ago

Fed Moves Ahead With FedNow Despite Objections

Not everyone favors the Federal Reserve Board’s launch of its settlement service designed to eliminate the three-day check clearing and…

3 hours ago

Pelosi, Mnuchin Call For Reopening Stimulus Talks

Weeks of failed negotiations on pandemic-related aid has led to House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin, representing…

3 hours ago

Bitcoin Daily: S. Korea To Use Blockchain To Collect Highway Tolls; Polish Financial Watchdog Warns Of Fake Crypto Scams

South Korean highways could see blockchain-based toll booths before the end of the year, according to a report from Crypto…

4 hours ago

CHAMPS Group Purchasing Works With Procurement Partners On Smoother P2P Services

CHAMPS Group Purchasing is partnering with Procurement Partners, which works in procure-to-pay (P2P) solutions, to provide a new service for…

4 hours ago